Petroleum marketers on the platform of Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) rose from their 2nd National Executive Council (NEC) meeting on Thursday, with a plea to President Muhammadu Buhari to direct the Central Bank of Nigeria (CBN) to make dollars available at official rate to oil marketers, to enable import diesel, end petrol scarcity and ultimately save the Nigerian economy from sinking. They said that dollar support should be available till Dangote Refinery comes on stream later in the year.
The association, among others, urged the National Assembly to immediately enact a Bill for the establishment of Energy Bank for easy transaction in petroleum products in the sector.
The National President of the Association, Mr Benneth Korie, who briefed the media after the NEC meeting in Abuja, noted that the bulk of the operational challenge peppering marketers and depot owners spring from expensive diesel which hovers around N850/litre.
While thanking President Muhammadu Buhari for approving a higher bridging cost payment to transporters, Korie said the operators’ challenges were far from over as oil marketers and depot owners spend about N20 million weekly on diesel to power their operations, a development he said erodes their profits. He also made other appeals to President Buhari to ensure the petroleum sector does not collapse. He said: “We want to pay a courtesy visit to Mr President to outline the issues and way forward.”
The association urges the National Assembly to review the policy of taxation as it affects petroleum products supply and distribution chain. We want VAT removed.